Is Wentworth more entrepreneurial than Harvard and all of the UMass schools combined?

February 15, 2012

I was looking at the numbers today for the Boston Tech Talent Fair coming next Wednesday and was very excited: over 400 job seekers signed up and 30 companies committed to attend hiring for both internships and full time roles in business and engineering roles.  But what was interesting was when I looked at the numbers for which schools had the most signups…

BU – 81
Hult – 67
Tufts – 42
Babson – 36
BC – 28
MIT – 26
Northeastern – 15
UMass Boston – 12
Wentworth – 11
RISD – 7
Yale – 7
HBS – 6
Harvard – 6
MIT Sloan – 5
Suffolk – 4
Brandeis – 4
UMass Amherst – 4
UMass Lowell – 3
Brown – 2
Bryant – 2
BYU – 2
Emerson – 2

So a big high five to the folks at Hult International Business School, Tufts, Babson and home team, BU. But wow…there’s some serious under-representation at all of the UMass schools, Harvard, Suffolk, Brandeis, Bentley, and Olin...who didn’t even have one sign up…ouch!

So, if you go to any of these schools and know anyone you can help spread the word to…please do! I know Harvard, Suffolk, UMass and the other basement dwellers on the list have more entrepreneurial students than this! We all know at least one professor, student group leader or administrator at our alma maters we could pass this along to.

To make it easy, here’s a message you can use:

Hi <name>,

I wanted to let you know that there’s a big Startup Career Fair put on by the people over at Greenhorn Connect next Wednesday, February 22nd at the BU School of Management right at the Kenmore T stop.  If you or any entrepreneurial minded students are looking for an internship or full time job, this is a great opportunity to meet 30 growing Boston area companies!

<Your School> is way behind the leading schools in registration and I wanted to help show we have lots of great students interested in startups too!

You can learn more about the event and sign up here: http://www.greenhornconnect.com/careers/Boston-Talent-Fair

Thanks!

So consider this a little social experiment and request to help us pack the place on Wednesday!  If we want our ecosystem to finally fix our student retention problem, events like these have to be big successes and that starts by getting the students aware and out the door heading to them!

I appreciate all your help and the communities support to get us this far!


The Concept – Product Chasm: The End of my Lean Product Management Tool & Rediscovery of Passion’s Importance

February 11, 2012

For the past couple of months I’ve been working on ideas in the lean startup space. As explained in previous posts, it seemed logical: I have a solid background in it from my days at oneforty as well as consulting before and after and the subject is hot now with Eric Ries’s book out, Steve Blank’s book coming soon and a seeming never-ending discussion about the principles in our community.

After initially exploring the opportunity to provide tools for performing customer development, I pivoted to the broader idea of providing a tool to help with Lean Product Management. Initially, the response was great; I wrote a blog post on the concept of Lean Product Management and it was universally loved. It’s the most read blog post on my blog ever and it generated significant inbound interest.  At the same time, I talked to quite a few people that had interesting feedback on the process and where they were coming up short. I also met a number of people and companies that needed help in the areas I was looking for the product to work. However, in the end, a few major issues are leading me to place this idea on the scrap heap with the other previous 8 ideas I’ve evaluated over the past year.

The Concept – Product Chasm

The biggest problem in developing this idea was a major gap between the buy-in to the concept I wrote about and the actual execution of the concept.

In the product management world, it seems everyone has a different way of implementing it. Some people are absolutely hardcore and have impeccable wikis and project management tools (like a 1-2 punch of Jira and Confluence). Others keep it loose with simply a Google Spreadsheet and a Kanban board (both real and virtual).  Finally others have utter chaos and have absolutely destroyed their project management tool by jamming everything in there (usually Pivotal Tracker or BaseCamp).  It seems individuality is greatly valued in the world of product management…

This presents a series of problems:

1) There is no silver bullet

The difference between a Kanban board and a wiki based product management tool is significant. This would mean any tool that was valuable for one is unlikely to be interesting to the other.

2) Marketing is a nightmare

With everyone having their own ideas on how to implement product management principles, targeting and acquiring a customer would be extremely difficult. Even those that I confidently believed had problems in their process often either A) did not perceive there was a problem or B) even if they knew they had a problem, they weren’t actively seeking a solution.

3) There was no MVP

As I talked to over 40 people who owned product at their company, I found no consensus on what part of the process was broken for them; without this consensus, there was no way to build an MVP. More importantly, the lack of consensus showed no agreement on a core problem which could be used as the tip of the spear towards acquiring customers and building out a platform over time; building a Lean Product Management tool would take significant time to become a complete, full life cycle solution, but there was no clear path for doing so.

A Greater Problem – Passion?

One of the most fascinating things about my trip to Silicon Valley in December was seeing how entrepreneurs interact with one another there versus here in Boston. Specifically, I’m talking about the first questions an entrepreneur is asked about their startup/idea. There is no right or wrong here, just different.

In Boston, common questions are:

  1. What stage are you at?
  2. How will you make money?
  3. Do you have any customers?

In the Valley, common questions are:

  1. Why are you passionate about this idea?
  2. How will you acquire customers?
  3. What is the big vision for your idea?

Of all the questions, the one I found most jarring was, “Why are you passionate about this idea?”

Over the past 9 months of questing for an idea, I’ve been attacking ideas with laser focus and rigid customer development methodology. While this has likely saved me a lot of time on any of the ideas, it also was devoid of the thought of passion; was I ever really passionate about an idea in the moving industry or restaurant services? Being completely honest with myself, I don’t believe I was.

Rebooting – a Focus on Passion

Paul Graham, amongst many others, has always said, “solve the problem you wish someone would solve for you.” I actually have an Evernote full of “hack project ideas” that are just that. I plan to start looking hard at those ideas and working on approaches to test those ideas.

Jason Baptiste wrote a blog post back before Cloudomatic (which came right before he and his cofounder discovered the OnSwipe opportunity) which covered a series of ideas he was thinking about. He got a great response from people showing who also cared about the ideas. I may do the same soon.

Embracing Fate

I had a great conversation with Eric Paley after a Dart Dinner early this past fall about my struggles to find an idea. He told me, “I think founders have to believe in a little fate; the right idea will find you at the right time.”

Those words have stuck with me and ring true with my first real venture: Greenhorn Connect. I could not have had that idea come to me at a better time both personally (it was the only way for me to build credibility in the Boston startup ecosystem and land a job 4 months later at oneforty) and for the ecosystem (October 2009 was the very beginning of our ecosystem’s awesome resurgence…the perfect time for a uniting site).

More importantly, I wasn’t even looking to start something when Greenhorn Connect happened. It just grabbed me and I couldn’t not do it. As many of you who knew me then may remember, I was a man possessed to make it work. Despite all the obvious reasons not to do it, I still did it (Lean Startups principles would have definitely it shot down). I will never forget my first Mass Innovation Night after launch and Adam Marchick and Michael Cohen both giving me the proverbial “You’re crazy. Why are you doing this?” speech. Both are great converts now, but it was only the passion and a touch of fate/destiny/luck that really possessed me to so blindingly go after the idea.

After 9 months of trying to force ideas, I’m trying to get back to basics. I need to find my passions and try to let the right idea find me instead of desperately grasping in the dark for ideas or trying to force an idea through the grinder.  A quote from Drew Huston has stuck with me in this process.  He said that of all the 5 or 6 companies he’s started, only Dropbox felt like,the wind was at our back.”  That feels telling and reminds me of the commonly discussed need of Skill, Luck and Timing to build a truly great company.

Alternate directions

It’s been 9 very long months since I left oneforty. While even today I have a runway left that most young entrepreneurs would envy, I’m realistic about my endeavor to start something; how long should you stick with it before you realize the timing isn’t right?

The great entrepreneurs say it takes Skill, Luck and Timing to build a great company. I believe I have the skill to build a great company, which is why I left oneforty. I was also inspired by this oft-tweeted blog post encouraging you to quit your job and start a company even if you don’t have an idea. However, as time continues to slip by, I ask myself if I’m making the most of my time.

That’s why I’m beginning to evaluate working opportunities for the first time since I started this process.

I’ve thought a lot about the framework of what I’m looking for; not needing the money gives me the luxury of weighting all my other priorities over compensation. I’ve realized the most important things to me are:

  1. Working on a really big idea
  2. Working with a truly great leader I can learn from
  3. Having the opportunity to further develop skills that are assets to a business founder

No Regrets

I have ZERO regrets of how I’ve spent my time since leaving oneforty. I’ve learned a tremendous amount about myself, what I need in a technical cofounder and thanks to this most recent idea, how to manage product. I’ve also continued to build my network which is filled with mentors I know I can count on for help when I need it and people I can’t wait to invite to join me in working on that great ideaI know I’m going to find.

Like Steve Jobs said in his Stanford Graduation speech, “you can’t connect the dots looking forward; you can only connect them looking backwards.”  If you found me 3 years ago and told me I’d have done the things I’ve accomplished thus far, I wouldn’t believe you. However, looking back I can see how critical each step was in this crazy journey. Frankly, the less logical the next step, the more it seems to have worked out for the best.

I can’t wait to see what’s next and hope you’ll stay tuned; my beliefs are unshaken: I will build a great anchor company one day.


Leadership Lessons in Real Life: Leading by Example

January 31, 2012

I’m a leadership junkie. Nothing fires me up quite like a good example of leadership, especially if it comes in the face of adversity.  It’s probably why I love so many cheesy sports movies like The Replacements and Hoosiers. They’re all chock full of leadership lessons. As art imitates life, it’s fitting this weekend I witnessed some truly profound leadership right in front of me at a soccer game.

Setting the Stage:

I play on an indoor soccer team as part of the Boston Ski and Sports Club. It’s nothing fancy and to the outside world, it’s pretty meaningless. But to those of us that play it has a lot of meaning. Many of us grew up playing sports and continued all through high school and college. There’s a void left by that only filled by finding a team sport to play even after school.

The team I’m on is pretty special. No egos. No dead weight. Just a bunch of athletes that enjoy playing with each other and find that perfect balance between hyper competitiveness and having fun.

That mix combined with a little luck found us in the championship game of our league this past Sunday. We were coming off one of our best performances of the year in our 5-3 semifinal victory, so we were pretty confident entering the game.  Things did not go as planned, but thanks to a great example of leadership in its purest form all was not lost.

Struggles and Setbacks:

In the first half we stumbled a bit to a 0-1 deficit. At halftime we all talked about how we just needed to finish a few opportunities and we’re in it. We were a little discouraged to have not scored yet, but confident in our abilities to have a solid second half.

Unfortunately, the second half started off very poorly. Within minutes of the half starting an errant play by me led to an own-goal. Seizing the momentum, just a minute after that, another goal was scored as our defense looked lost.

We hung our heads. Down 0-3 with 20 minutes left. But one of us refused to relent. Rob was more fired up than ever. He kept encouraging all of us to keep fighting. There was plenty of time to come back. He started chasing down every ball within range and ripping shots every chance he got.  The opponent’s momentum was stopped when Rob ripped his first goal to bring us within 2 goals.

Rob then subbed out after a lengthy shift and not long after a fourth goal came. down 1-4, just 15 minutes left. While the rest of us looked beaten and thought we were toast, Rob was more passionate than ever.  He ran down balls, beat defenders and kept pushing. At first the rest of the team didn’t respond. He was like a one man wrecking crew, but playing 1 on 5.

The Turning Point:

With Rob running around the field like a maniac for a few minutes finally another player on our team started making big plays too. Soon after another joined in and before we knew it, we had the whole team challenging every ball and pushing hard on goal.

Not long after, Rob got his second goal of the night. After the goal he ran right by our bench yelling at all of us to get fired up and get ready to come in and make a play too.

It worked. With 8 minutes left, down 2-4, Brandon dribbled hard into the defense and was taken down inside the box. Penalty kick. Like a man on fire, Rob convinced Brandon to let him take the shot, which he quickly buried in the back of the net. Now down by just 1 goal, Rob got a little crazy.

In outdoor soccer, when you’re down with little time left, you’ll often grab the ball after you score and bring it back to the mid line so the other team can’t stall waiting to kick off. Fired up after his goal and desperate to keep our momentum, Rob attempted to take the ball from our opponent and run it up. A near fight ensued that got our whole bench fired up and fortunately led to no penalties.

Completing the Comeback:

After the post-goal scuffle, there was no doubt that everyone on our team was ready to do whatever it took to tie the game. As a team we won every 50-50 ball in the open field and even took some 40-60 balls from them. We wanted it. Bad. Rob’s passion had infected the whole team and there was nothing our opponent could do about it.

With just 4 minutes left, a quick save by our keeper with a throw up the sideline led to a fast break. A quick give and go then led to a shot from the corner which Brandon buried in the back of the net. Tie game.

With all the momentum in our favor we pushed hard to try to win before time ran out, but unfortunately we were unable to settle it in regulation.

Overtime in our league means straight to Penalty Kicks (PKs). Leading the way once again, Rob scored our first PK, and went on to lead encouragement of our goalie and other shooters. A clutch save by our keeper and 3 straight goals made led us to a 3-2 victory in PKs.

The Moral of the Story:

Leadership is not about what happens when times are easy. It is what you do when the times are tough that matters. When the rest of the team was ready to give up, Rob refused to lose.  When no one else seemed to have any fight left in them, Rob continued to lead by example, challenging every ball, running hard on every play and encouraging everyone.  Eventually, he got others to join in and soon everyone was believing again and putting everything they had into the game.

No matter your challenge, realize that leadership means flying in the face of group think (the game is over) and being bold enough to stick with it long enough for others to join you and change your situation, whether that be a soccer comeback, your company on the ropes, or dancing on a hill (my favorite TED talk ever, below):


How Do You Get Back on the Customer Development Horse?

January 18, 2012

Note: This post originally appeared on GreenhornConnect.com on July 27, 2011. I’m organizing all my customer development posts from GHC on here for easy reference (see the Lean Startups tab).

It happens to us all. Your startup is cruising along, or at least you’re really busy running in a million directions. Maybe you’ve also got pulled away with some personal issues like selling your home, caring for children or relationship challenges. No matter what the cause, you get away from the most important thing: Getting outside the building and talking to customers.

So knowing that you have dropped the ball and need to pick it up again, what do you do? How do you get back on the customer development horse?

How Do You Get Back on the Customer Development Horse?

Step 1: Review your previous notes

The first thing you should do is go over all of your past customer development work. Look at how you’ve already progressed and jog your memory on what you have already learned. This should include previous raw interview notes, any summaries of those notes and progress from your Lean Canvas.

This is a good time to find out if you’re taking good enough notes! If you can’t efficiently figure out what you learned, than anyone else using your notes, canvas and summaries can’t either.  A great Lean Startup should be keeping their team and their advisors up to date on customer development progress and most of what they’ll have to go on are these notes.

Step 2: Schedule new customer development interviews

Once your memory is set (this should hopefully only take an hour or two if you’re organized) then go back and see if you had any outstanding interviews to shedule. This is your low hanging fruit to schedule meetings. Reconnect with these people immediately and schedule new meetings with them as soon as possible.

Customer development is a numbers game, so regardless of if you had oustanding interviews, you need to get more feelers out for additional people to talk to; not everyone you reach out to will respond.

Here are a few ways I’ve found work to get more customers to talk to:

1) Your Early Adopters: Ask any of your early adopter users to talk if you haven’t talked to them (also get product feedback if you haven’t connected with them lately).

2) Ask Past Interviewees for Intros: Ask any past customer development interviewees that fit the problem you’re solving if they know anyone they could intro you to. (You should ask this at the end of any interview…it has a 4x success rate of responses compared to cold emailing.) In general, people want to be helpful and if you really are working on solving one of their problems, they’ll be happy to connect you with someone they know that also has the same problem.

3) Cold Email: Cold email, call or walk into the buildings of your potential customers. Unfortunately, this mode has a particularly low success rate (expect a 10-20% response rate on cold emails at best, but 5% isn’t unusual) so be prepared to have to do a lot to get results. I usually email 10-20 people at a time expecting a few responses.

If you know a good blog post on tips for cold emails for customer development, let me know and I’ll link to it here.

4) Use the Reverse Lead Model:  I’ve recently fell in love with the reverse lead model: if your startup serves a group their has their own customers that your tech supports (such as a real estate agent software that helps them interact with homeowners or moving company software for booking moving deals), then pretend to be a lead for your target customer (ie- pretend to be a homeowner or someone about to move).  Then turn the tables when they call you.

The trick I’ve found is when they call play along at first but be chatty. Pretend you’re still selling your house or moving, but then ask them about the software they use as you talk. As this first friendly conversation goes their way…then switch it up to talk about the problems you think they have and see if they confirm. If they do then pitch your product and try to get a face to face meeting (or separate phone call with a decision maker) to talk more.

Trust me, this works. I’ve actually had people complain to me about their software in these conversations…talk about a self-identified problem!

Note: This will take time. I’ve found that it generally takes a week to week and a half to get back into scheduled interviews; if you start emailing on Monday, you’re unlikely to have a full plate of interviews until the middle of the following week.

Step 3: Get your customer development questions updated

Now that you’ve started filling up your schedule with more customer development opportunities, you should determine what your goals are to discover in your current round of customer development.

Go back to your Lean Canvas and look at where you stand in testing assumptions. Remember that the goal is to test the riskiest assumptions you’ve made.  If you’ve already verified some, then you should begin testing new assumptions.

Great customer development starts with a good script of questions. It will make you more confident and comfortable in the interviews and make sure you don’t forget to ask something important.  You can (and should) go off script based on where the discussion takes you, but this is your anchor to bring you back to the key things you want to discover.

Step 4: Set a routine for staying on the horse in the future

In the end, the hope is you won’t fall off the horse again. The best way to do that is to set yourself a plan to keep it in your routine.  This can be as simple as carving out a few hours one day a week to review customer development progress and see how many interviews you have upcoming. If you drop below what you find is an acceptable number of pending interviews, go back to Step 2 and try to get a few more in the pipeline.

You can also give yourself an added boost with some external accountability by setting up to regularly update others on your customer development. At oneforty, I sent out bi-monthly reports to the entire team on key takeaways from customer development and updated the management team every 4-5 interviews. This ensured the whole team was up to date and I had extra motivation to try to keep customer development cranking.

Getting outside the building is never easy, but if you’re committed to being a lean startup, you have to stay on top of it. It’s easy to get distracted by other responsibilities. When that happens, now you know what to do.

What advice do you have for Lean Startups trying to maintain a routine of customer development?


Lessons Learned in Customer Development

January 18, 2012

Note: This post originally appeared on GreenhornConnect.com on September 9, 2010. I’m organizing all my customer development posts from GHC on here for easy reference (see the Lean Startups tab).

“Customers live outside the building.” Every startup is well served to remember this and make sure they’re reaching out to their customers/users to understand them.  As customer development manager at oneforty, I’m on the front lines of that effort and our overall goal of implementing Lean Startups methodologies.  I’d like to share a few things I’ve learned along the way.

Lessons Learned in Customer Development

1) Ask the right questions the right way.

One of the key tools in customer development is the user interview.  At its heart, you’re trying to understand what problems your users have and how your startup may solve some of them.  The greatest challenge in these interviews is keeping the discussion focused on user problems and frustrations instead of features and their ideas for solutions; users are notoriously bad at suggesting features they need or would actually use, so you absolutely need to focus on what problems are behind those feature requests.

There are some great contributions in the blogosphere to help guide you in preparing your interview questions:

2) You manage what you measure.

In addition to interviews, metrics are the other big piece of customer development. You have to understand what’s happening on your site and decide what aspects you will work to improve and in what order.

The best way we’ve found to track this is to consider everything under Dave McClure’s AARRR model.  There are all kinds of numbers we can measure on oneforty, but by grouping them into categories of Acquisition, Activation, Retention, Referral and Revenue, a clearer picture of the meaning of all the numbers is formed.  We then take those numbers and focus our engineering sprints on improvements in one of those categories at a time.  This helps engineering understand what they’re building while also making it easier for us to measure for improvements based on those efforts.

3) Communication is key…inside and out!

While Jeremy and I dive into the metrics on oneforty each week in great detail and I interview many users to understand their problems, that’s just the beginning of the work for customer development.  It is essential that what is discovered is shared with the team in a concise and clear fashion; they need the information to act on what we’re seeing and understand the reasoning behind development decisions.  At oneforty, we go over key metrics results with the entire team for 5-10 minutes each week and have a monitor on the wall in the office that displays 3 core metrics we’re focused on right now.

In addition to communicating within the team, it’s important to also communicate outside.  First, you always want to be tweaking your interview questions based on how your site or product is changing; if you’re considering adding a new feature it is important to understand if it solves a significant problem or is particularly compelling for users before you devote significant engineering time.  The best way to do this is through full interviews, but with tools like KissInsights and SurveyMonkey available, you have easy ways to ask large groups of people questions as well.

The other form of outward communication that’s important is with others doing customer development.  Often, it is hard to tell what is a good number for a metric and if you don’t know, you may be trying to improve something that’s already well optimized.

Recently, I discovered two key figures from asking others:

  • A 10% response rate on email requests to do a customer development interview is actually good.
  • For email newsletters, a 30% open rate and a 20-30% click through are solid and standard across most industries.

To learn these numbers I didn’t do anything special; I simply talked to one of Laura’s mentors, Tweeted a question, tried AskDart and asked some friends.  It didn’t take very long, but saved me a lot of time in the long run.

4) Pattern recognition is your most important skill

In the end, I think customer development is all about recognizing patterns.  You don’t memorize everything a user says in an interview; you’re merely looking for commonalities across many interviews. You should be asking yourself, “Are similar users mentioning the same frustrations or questions?”   These patterns are how you identify your “earlyvangelists” and identify the most important issues to work on.

You can also look at metrics the same way.  The goal is not to have to measure every single activity on your site. Rather, you should be searching for a few specific activities that can lead to the needle moving on many things on your site.

Customer development is an essential part of an early startup’s life as they search for product market fit. It’s a challenging job, but fortunately there are tons of great resources out there and an open community sharing their knowledge.  If you’re looking to learn more, search for content from Steve Blank and Eric Ries, look for the hashtag #LeanStartups on Twitter and look for Meetups around you on this topic.

What have you learned by doing your startup’s customer development?


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